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Journal: Financial bailout, stage 1

Journal by chadenright

Dear Mr. Elton Gallegly,

I, like many Americans, have been closely following the fluid events in Washington in the last few days.

I previously contacted you regarding my concern that, according to my research at the time, I had concluded that this bill was not only inadvisable but dangerous to America as a whole.

I'm writing the second letter I have ever written to a congressman because, although the bill has changed, the core of the bill has not changed. Therefore, although I no longer believe after long consideration that this bill is a catastrophe begging to happen, I still believe that America will feel more pain in the long term from this bill, than we will if it is not enacted. It still proposes the same Band-Aid to this critical issue, it still does not address the underlying causes of this crisis, and now it proposes to endebt the American public not by seven hundred billion dollars, but by eight hundred billion!

I continue to believe that, if enacted, this bill may stand as the Bush Administration's last, and possibly greatest, legacy of failure to the United States.

I do not believe America will see a "Depression 2.0" if this bill is not enacted; furthermore if a Depression is in our future this bill is unlikely to prevent it.

As it seems likely at this time that this bill will be passed, I am eager to be proven dramatically and fantastically wrong. Even so, because of these misgivings and many more, I will ask that you continue to vote against this measure, and display the same studied opposition against those who claim the sky is falling.

Respectfully yours,

Charles Enright

From: ca24ima@mail.house.gov
To: chadenright@hotmail.com
Subject: Update on Financial Rescue Plan
Date: Tue, 30 Sep 2008 17:06:55 -0400

Dear Mr. Enright:

Thank you for contacting me regarding our nation's financial and economic situation. I would like to give you a brief update on the current fluid and ongoing situation.

I believe Congress must take action to resolve this crisis. However, we must not react hastily and pass legislation that merely attempts to put a Band-Aid on a very serious issue. I believe any legislation that attempts to solve this crisis must also address the underlying causes that put our country into this crisis. Please be assured that I will continue to monitor all aspects closely and carefully evaluate all proposals that come forward.

Sincerely,

ELTON GALLEGLY
Member of Congress

Congress.org (no-reply@congress.org)

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Message text follows:

September 28, 2008

[recipient address was inserted here]

  [recipient name was inserted here],

I oppose the proposed bailout plan because, like the great majority of
American citizens and voters, I see it as an exercise in wasting tax
dollars, in futility, and in corruption.

It's an exercise in wasting tax dollars because the 400 billion tax
dollars ALREADY dumped into this industry did not prevent this collapse;
and if an ounce of prevention is really worth a pound of cure, then in
order to single-handedly support this industry the American government
needs to spend far more than it possibly can--far more than the already
astronomical 700 billion dollars it proposes to spend.

It's an exercise in futility because EVEN IF this plan succeeds perfectly,
it won't address the core sickness that caused these symptoms. It will
only line the pockets of those who are already wealthy, and prevent them
from facing the consequences of their choices.

It's an exercise in corruption because it is a request by a member of the
elite, for congress to support the elite at the expense of the American
public. The Bush administration is labeling this plan with the same dire
warnings that accompanied all their other history-making, mind-numbing
failures. It should therefore bear extra scrutiny if it is not to be
rejected out of hand.

Although I usually support the principles of the democratic party in
general, in this case my support and my applause go to the republicans in
Congress for their studied opposition to this bill. One financial article
cited this bill as 'the most massive piece of psycho-therapy in history'.
Its sole purpose is to 'restore confidence' in a market that demonstrably
deserves no confidence, to oppose experimental evidence with massive
funding.

I propose, as an alternate plan...do nothing. Wait and see. I do not want
this plan to be added to the long list of things the Bush administration
did wrong. And if it turns out that judicious governmental aid is
required, at some point in the future, then the dollar will still be worth
something.

Respectfully,

Charles Enright

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